Line a rimmed baking sheet with a silicone mat or parchment paper.

In a medium pan, stir the sugar with the water over medium heat until the sugar is dissolved, and bring to a boil. Increase the heat to high and add the almonds, stirring constantly with a wooden spoon. During this process, you're crystallizing the sugar and toasting the almonds. Continue cooking until all of the water evaporates and the sugar becomes very sandy.

Reduce the heat to medium, and continue to stir until the crystallized sugar begins to melt and caramelize. As the sugar melts, it will begin to coat the almonds. When the nuts are caramelized, immediately pour out onto the prepared pan and spread in a single layer and cool. Once the nuts are cool, place in the freezer while you melt the chocolate.

Place the chocolate in a heatproof bowl over simmering water and melt until smooth.

Remove the almonds from the freezer and break up any nuts that are stuck together. Place the almonds in a bowl and pour 1/3 of the melted chocolate over the nuts and stir immediately. Repeat in two more additions, allowing each addition of chocolate to become firm and break up any clusters before adding more. The almonds will appear dry and chalky at this point.

Sift the cocoa powder or powdered sugar over the almonds and stir to coat completely. If you're using powdered sugar, make sure the almonds are in a clean bowl before dusting. Enjoy!